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UAE firm is FTSE 100 top performer after $250m deals

Shares jump in NMC Health after deals to take over fertility firm and hospital in the UAE

By Staff writer

Fri 05 Jan 2018 05:27 PM

UAE-based NMC Health was the best-performing company in the FTSE 100 Index on the London Stock Exchange on Thursday, following an announcement of major deals in the UAE and Saudi Arabia.

Shares in the healthcare company, listed as NMC.L, rose by 4.5 percent to £30.80 after the company acquired the outstanding 49 percent minority stake in Fakih IVF for $205 million, having originally bought a 51 percent stake from founder, Dr Michael Fakih, in 2015.

It said it now plans to continue to expand its fertility network - from the new IVF clinics opened in UAE and Oman last year, with additional expansion planned in other countries, particularly Saudi Arabia.

The company also announced the acquisition of the outstanding 30 percent minority stake in As Salama Hospital for a price of $45 million. NMC Health bought 70 percent of As Salama Hospital in 2016.

The company statement, cited by state news agency WAM, also announced the completion of two deals in Saudi Arabia, originally announced last September - a 60 percent stake in the Al Qadhi Hospital in Najran and a 100 percent stake in the Al Rashid Hospital in Ha’il, for a total price of $40 million.